In 2020，the foreign exchange management system adapted to the new development pattern，and the new measures of foreign exchange management reform had been further promoted. As for the current account management，green channel for foreign exchange policy had been established in order to facilitate Covid-19 responses. Foreign exchange supported the development of new trade modes，helped enterprises return to work and production，promoted trade liberalization and facilitation，and served the high-quality new pattern of development. Adhere to risk assessment oriented classified management to prevent the risk of cross-border capital flow. Provide good environment for the Belt & Road construction，and promote the development of RMB settlement in service trade. As for the capital account management，reforms of capital account payment facilitation had been promoted nationwide. The opening up of financial market has been steadily promoted and the restrictions on foreign capital access to the financial industry has been completely removed. Foreign debt management and full-scale cross-border financing have been carefully adjusted. Foreign exchange reserves management supported the Belt & Road strategy，and realized the security，mobility，and value preservation of foreign exchange reserve assets，and maintained the basic balance of international payments and national economic and financial security. Covid-19 led to the global economic recession and slow recovery，which have great effect on China’s balance of payments，RMB exchange rate and internationalization strategy. Under the new enviroment，China’s foreign exchange management must actively adapt to the new development pattern，overall development and security，high-quality economic development，RMB internationalization and other major strategic arrangements. How to balance the risks prevention of cross-border capital flow and the trade and investment facilitation promotion is key.